How operational risk managers won a battle and lost a war
Applying op risk capital to US regional banks is positive, but the SMA may not be fit for purpose
On July 27, the esteemed halls of the Federal Reserve, Comptroller of the Currency and Federal Deposit Insurance Corporation graced us with the US rendition of the Basel III rules. The document’s title, brazenly featuring the term ‘endgame’, suggests limited appetite for further regulatory reform once this vast tome, spanning more than 1,000 pages, has been finalised.
For those who recognise the
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